amended return

[imjulier]

Have clients whose son filed and claimed himself on his return. He qualifies as dependent of parents. When I look at the benefits of parent's claiming him vs. claiming himself, tax savings would be about $1500 due to benefits of parents claiming exemption and getting to take advantage of the refundable portion of Am. Opp. Educ. credit. Question is, can son's return be amended so he doesn't claim himself? I believe so but anyone know anything different? Also, what does timing of this need to be? Amend son's first and get it processed, file extension for parents to wait for processing of son's return, and then file parents by Oct. 15th? Any input is appreciated.

Thanks,

Julie

[Eli]

Amend the son's return if as you say he qualifies to be their dependent. Parents return would have to be paper filed. I would send in the parents' return without delay. By the time the letters start (if they do), the amendment will probably have been processed.

Eli

[kcjenkins]

Actually, my experience is that it is best to file the kid's amendment, and wait about 6 weeks to file the parents. Then try efiling the parent's return. If it is rejected because of the kid's return, wait another couple of weeks then go ahead and paper file their return. If you try to rush the parent's return through, it's just going to get changed, because of the kid, and that's going to delay longer, you will end up having to amend theirs to add the kid, later, etc.